Coolpad Group, a Chinese telecommunications company, is expanding its cryptocurrency mining operations by purchasing 2,700 additional mining rigs for $13.5 million. This investment is part of the company's strategy to increase its computing power in North America, where the rigs will be deployed. The move is expected to significantly boost Coolpad's mining capacity, from 873,000 terahashes per second (TH/s) to over 1.5 million TH/s.

This investment is the latest in a series of moves by Coolpad to strengthen its position in the cryptocurrency market. Last month, the company announced plans to purchase up to $28 million worth of US-listed Bitcoin exchange-traded funds (ETFs) and shares of crypto miners. The company's expansion into cryptocurrency mining is seen as a diversification of its business, which has traditionally focused on telecommunications.

The Bank for International Settlements (BIS) has reported a surge in central bank digital currency (CBDC) experiments and pilots, with 94% of central banks exploring the concept of CBDCs. While many CBDC features are still undecided, the BIS notes that stablecoins have limited use outside the crypto ecosystem, leading to increased regulatory interest. The likelihood of central banks issuing wholesale CBDCs within the next six years is now higher than that of retail CBDCs.

Meanwhile, the adoption of US spot Bitcoin ETFs has been slow due to cautious financial advisers, according to Samara Cohen, BlackRock's chief investment officer of ETF and index investments. While individual investors continue to engage with Bitcoin ETFs through personal purchases, registered investment advisers remain wary of the risks associated with cryptocurrency investments.

The cryptocurrency market continues to evolve, with increasing mainstream acceptance and adoption. Despite the challenges and risks associated with cryptocurrency investments, companies like Coolpad are betting big on the future of digital currencies. As the market continues to grow and mature, it is likely that we will see more traditional companies entering the space, driving innovation and adoption.